Better MPG & a helluvalotta fun.
p.s. Gearheads....Picking up my new Triumph Rocket III tomorrow.
Always buy used cars.
Also make sure the new car you are buying is worth the combination of the new and old car(trade value).
Otherwise you might be stuck with two payments, like I am.
I just checked out the rate chart at my bank - we will go 72 months only if the loan is $25,000 or more. Otherwise, the maximum for a new car is 60 months. Used car loans will go up to 30 to 60 months, depending on the age of the vehicle.
Perpetual car payments are the "best strategy"?
Pay with cash. Decide to be satisfied with a car you can actually afford.
Ping.
hey, I thought our standard of living was going up? now, hardly anyone actually owns their own car anymore - add that to their 40 year mortgage and credit card debt. the whole US consumer driven economy is built on debt, not wealth. debt is wealth for most americans now.
I'm still driving a 93 Saturn SL-1--186,000 miles. Brakes aren't too good, but its a manual, so I downshift HARD.
Have a 2000 mazda pickup and the wife has a 99 Windstar-which is a piece of crap. Probably need to get a new family wagon within a year or two. I've though about getting a new commuter car, but I figure I'll drive the Saturn as long as I can.
Been looking at Suzuki's...yes Suzuki.
Some credit unions, such as mine, have guarantees on their car loans for those situations where insurance won't cover the loan value. They'll cover the difference. It's a good deal if you can get it.
Better MPG & a helluvalotta fun.
p.s. Gearheads....Picking up my new Triumph Rocket III tomorrow.
Loans are economic slavery.
People would think twice about car loans if they saw how much they were paying for their cars, when all the interest payments are factored in.
I got into this trap...was paying $370 a month for a stupid ZX2 escort after trading in a year old Sanoma...Boy was that stupid. Ended up paying around $25,000 for a POS escort...UGH...
Have bought used ever since....and better for it.
What's the problem. You are paying now for the priveledge of paying less yesterday. The only thing that counts is the interest rate (if you can afford the payments.)
Thanks for the post!!!
How did I know this???
I wasn't aware that this was NEW information!
The last few vehicles we've purchased have had a few miles on them.
Best cars we ever bought!
I'm done with cars.
When I was younger, I bought all the fun stuff I could "afford". After the kids arrived, I scaled back to new sedans. Now, I just bought a 1998 Lumina with 80k on it for $1800 cash. It'll get me to work and I'll put a new kitchen in my only asset that is appreciating.
Just picked up a Lincoln Navigator with 22k miles for $20,000 cash.
Owned by a little old lady, it cost SIXTY GRAND brand new.
(borrowed the cash from the in-laws, who don't want to charge interest, hehehe)
People will spout off ad infinitum about "how stupid it is to buy a car with cash - you know, due to depreciation" blah, blah, blah. Yeah, well, I'll tall y'all what. I go buy a car tomorrow with cash, and you go tomorrow and use your fancy financing. Then, one week later, we both sell our cars. Which of us comes away with the lower loss? [Econ 101 question ... ].
Best $1000 I ever spent. :)
Lease. Take the tax deduction. Repeat every three years.
I did buy a NEW Toyota Echo. It gets 39 to 42mpg and thus is saving me a decent amount of money on gas.
Cars have gotten ridiculously expensive. I think a lot of it is the mandatory safety equipment that we are forced to buy, airbags, etc. I would gladly give up the airbag to pay less for the car. I think that should be my option to choose.
bump for later reading.